Nordic Capital Buys SiC Processing

Nordic Capital has acquired a 70% stake in SiC Processing AG, a German industrial recycling company, from Frog Capital and other investors. No sale price was disclosed. SiC Processing’s founding family retains a 25% holding, while former lead investor Zouk Ventures retains a 5% stake.


Frog Capital, the growth investor, has agreed to sell its stake in industrial recycling company SiC Processing AG to Nordic Capital in a transaction that provides Frog with 3x multiple on its investment.

Nordic Capital Fund VII, a 4.3bn euro fund, has acquired a majority stake in SiC Processing from a group of sellers. SiC Processing’s founding family remains as co-owners with 25% holding; former lead investor Zouk Ventures retains a 5% stake.

SiC Processing is a leading supplier in the recovery and processing of sawing slurry in silicon wafer production. The company generates over 90% of revenues from customers in photovoltaic wafer manufacturing, but also serves major manufacturers in the semiconductor industry. Its headquarters are located in Hirschau, Germany and production facilities are in Germany, Norway, Italy, China and the USA.
SiC Processing has expanded rapidly in the past as trusted partner to its customer base. In order to meet the growing global demand for renewable energy from solar power the company is planning further expansion of its capacity.

Iyad Omari of Frog Capital, who first invested in SiC in 2007, said: “SiC is a real start in the cleantech landscape. It has achieved strong and profitable growth in the past three years, delivering tangible return on investment to customers in the solar and semiconductor industries. We are delighted that Nordic Capital, a reputable and large investor in expanding mid-market companies, will be taking SiC to its next stage of international growth.”

About Frog Capital

Frog Capital is a London-based investment partner to some of Europe’s most ambitious growth-stage companies. Frog invests across the cleantech and IT & digital media sectors, leading or partnering in fundings of €2 million to €20 million for expansion capital, minority purchases, management buy-outs, or acquisitions. Occasionally, Frog invests in quoted companies. The firm’s investments include, Ostara Nutrient Recovery Technologies, Hydrodec, Solar Century and eCommera.

About SiC Processing
SiC Processing AG is one of the leading providers for the processing of used slurry from the wafer industry. The company has a broad and international customer base consisting of wafer manufacturers in the photovoltaic and semiconductor industry. The philosophy of the SiC Group includes long-term contracts, a close and established mutual trust and a partnership-based business model. For more information about the company please visit the website at